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July 17, 2013  Wed 7:34 AM CT

EXXI: SEE CHART GET CHAIN FIND STRATEGIES

Horizontal Drilling Pays Off

Energy XXI announced that its proved reserves shot up 50 percent in the year ended last month, thanks to an 82 percent success rate on its horizontal-drilling program. Those reserves have a present value of $8.4 billion. EXXI surges 12 percent before the opening bell on my tradeMONSTER platform.

Weak Top Line Numbers from Zagg

Mobile phone-accessory maker Zagg issued preliminary numbers for its second quarter, and they weren't pretty. Revenue was only about $51 million, below the $59 million consensus number. Full year sales are seen at no more than $252 million, while analysts expect $274 million. ZAGG falls 13 percent in early trading.

IGate Earnings, Revenue Beat

IGate reported second-quarter profit of $0.44 a share on revenue of $283.3 million. Analysts had only expected the IT firm to earn $0.34 on $279 million of revenue. IGTE climbs more than 4 percent in the premarket.

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